Glennmont Partners announces that it agreed on the spin-off of BNP
Paribas Clean Energy Partners (“BNPP CEP”) from BNP Paribas Investment
Partners (“BNPP IP”). The deal will be completed on terms agreed by both
parties and will be effective as soon as all relevant regulatory
approvals are in place. BNP Paribas Group will remain an investor in the
€437 million1 fund and will continue to support the new
business through a distribution agreement. All of the BNPP CEP fund
management team will move to Glennmont Partners as part of the
transaction.

Commenting on the news, Joost Bergsma, formerly CEO of BNPP CEP and now
CEO of Glennmont Partners said: “As a team, we have created substantial
value since launching five years ago. The decision to spin-off as
Glennmont Partners is driven by an opportunity to deliver further growth
in the rapidly growing alternative energy sector as a result of the
enhanced corporate flexibility and independence, whilst still working
closely with our partners at BNPP IP.”

“In many ways I expect it to be business as usual. Longer term though, I
expect Glennmont Partners to reap the rewards of this opportunity to
focus completely on clean energy prospects. And, by becoming an
independent company, our managers’ interests are even more aligned with
those of our investors through long term equity ownership and I believe
we have a bright future ahead of us,” he added.

Glennmont Partners is among the largest infrastructure vehicles
dedicated to clean energy across Europe. It invests long-term capital in
alternative power generation projects, such as wind farms, biomass power
stations, solar parks and small hydro power plants. Its investment
thesis sees it select low-risk investments which deliver sustained
performance and predictable returns over periods of 10 years or more.

Since 2007, the team has invested more than €1 billion in 12 clean
energy infrastructure projects generating in excess of 300 MW in total.
Its aggregation strategy spreads assets across large markets including
the UK, Ireland, France, Portugal and Italy. This diversification
reduces technology, resource and regulatory risk, but delivers cost
synergies, refinancing opportunities and profitable exits.

The team taking Glennmont Partners forward has been working together
since 2007 and has an exceptional track record in renewable energy, with
more than 40 year’s collective experience in renewable energy fund
management. Its fund management team has an established reputation for
long term investments that deliver absolute returns.